My mom died 2 weeks ago, and my brother has been unable to locate her will. Apparently she never filed it with a lawyer either, so the lawyer is drawing up a renunciation. My oldest brother wants to keep the house, which is fine with the rest of us siblings, but does the renunciation mean he does not have to give each of us an equal share of the house's value? Is that something we have to take up with the lawyer?
2007-02-20 06:08:18 · 2 answers · asked by Starfall 6 in Business & Finance ➔ Renting & Real Estate
re·nun·ci·a·tion ( r¹-n¾n”s¶-³“sh…n) n. 1. The act or an instance of renouncing: the renunciation of all earthly pleasures. 2. A declaration in which something is renounced.
I used to work with wills and Trusts. If there is no will there is a line of heirs that would be according to the state laws. If I remember right the first line are the children, then parents, then siblings and so on. So anything that your mother owned would be split equally between the children. You will have to go through Probate. Which is simply putting her possessions in the name of the children. It is expensive. If you and your sibling chose an executor they usually get an additional 5% for taking care of all of the paperwork and they deserve it since there is a lot of work.
2007-02-21 05:18:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
He should have to pay for your equal shares. Say the house is worth 100,000, and there are the four of you, He would have to pay each one of you 25,000---minus legal fees.
2007-02-20 14:13:59 · answer #2 · answered by LINDA D. 5 · 0⤊ 0⤋